tv [untitled] June 15, 2010 7:00pm-7:30pm EDT
e slept on the uch, but they put hours and hours in at buses first of all, t it off e ground, to grow it and then to ke it sceful. t if you puthe robots in frt of these people it' going to -you knowme ks aren't goto bas steadfast as they wand th goingo say, you know what, it's just not worth it. why kl self? and i think that's, again, it's the spirit of entrepreneurism in this couny th mes thi country work. 'sike when i talk tohe kids othe capitol steps, you relativeever get -- some people whose relatives came on the mayflower, mt us came on t plow. en people got off that boa and my relatives came down by the barge down the io river and me up th canal syst and thestarted farming, the d a desire. they wanted land. ey wanted to grow that lan
ty wanto ke sure t want sometngt onlyor theelvebut for their kids. theyanted a future. and i think that's we're losg tracthis bod and inhis congress that what's ppeds that it's lo aut the fure boo ny people thk it's m 're not growing. we have to build the we and t us make this country succsful. >> will the gentlan yield? mr. latta: i yield to the ldy. mrs. lummis: my son di a project about a wyoming rancher's dision to stay agculture or leave agriculture beuse e know that in wyoming agriculture, especially be productiongriculture, of course there a no subsidies brief productiongriculture in wyomingand othestates as
well. so, the largestroup inyoming are those that ma from 0% to 4% profit. e ond largest grp are the th make from 0% to -4 profit. and after log at many factorsf what was mote -- wha woultivate a pson s theusiness where the profit s that low, e answer foespeci sond and third and fourthenetion ranchers wathe abitypass it on to y childrentoive chdren a better life, tgive my kids the ranch now, mr. latta has mentioned two things that are of ccern if a person'sivation is toe their chiren a better standard ofiving, a bter lif, an opportunity, a shot tt maybe d and they jt want theirye
chilen to haves well, you mentioned that next year the state tax is going to go back up ta mxim amount of 55% of the value of t eate, with only a $1 million exnsion, hereas this year there's no estate taxhaoever. ink about that d how that spntour entire life building something wh the o motion of giving that to yourhildren. thaisoi to be devastating. many people i kow wou accept a smaller estate tax with a higher exemption. but one i know is goi to be tisfied that a% tax on your
li'sork atou wish to pass onto yr childrens anything but taking and takings are unconstitual underur fifth amendnt. that'sow people loo it. and if you worked yo whole life for sometngseven da a week, n five days a wk, not 40-ho wee, but every minute every day thatou're awake, grour fami, growg yousiness growing the oprtunities, eating a commuty, creati the kd of american dream that any people came herwith nothing and then built ovetheir lifetimes or their parents built over their lifetimes andant to pass to their children, the other int you mahat thk going t affe tha amrin dreams r debtis ese running deficitshaar unsustainablever time.
because ife mount our ildr and our grandchdrenith debt, will crowd out privat investment. ifre spendi the ente deral budget, alof our tax dollars on the combinion of entlentgrams and interen to the national oppornity for pvateout the investment as wes for discretionary spenng within ou own economy. i yield back to the gelemato tell us more about the consequces of these bad polici the kindof bills that hhas oposed t chan all that. mr. latta: well, you kw, you've touched on something, when you' talking abo the ath the eate tax. and you were talking about sothing going om having zero thax this year wch won't ever happen because, y know, thereill be a retroacte clause put in somewhere i sang that they're vegoing to let peoe of hook a
they're gng to ybody who's passed away thisear, thell bring them back, the lawsuits w begin. faly sinesses, fily farms, i know it's difficult for me folks when yu're olooking at amall perntage, aut less than 2% of aricans now th makthr livelihoods fr yo local countfairs and you to looat thes implements that- and e cost, when you're talking about a $425,000 cne witonad, you're looking atouple hundred thousand dollarsor a tctor, yostart adding all these piecesf machery up if youot $million you're rich. most farmers at i know are land rich and cash poor. and what happens in a lot of cases or a small sinesswhat hey ha to do? nu one, okey have to start estate pnning early on. whys ithat, you kw, and i'm an attorney byrade, but when y talking about
tt we have to tell the amican people they have spend millionand billions of dollars when it comes to estate anning or ing the taxes every year, we should simplify th al shouldn't be taking what they've work hard r. and when people are outer thig, is it going to be woh in e end? if we get to a point in this untry where people e ing to say, yoknow what, if the gornmt's going to takit in the end and i can't pass it on, what are they going to do? that rdr, b, they're going to spend it. theye going to say, government, youake care of me now. i'm t going to wor abouty livelihood. or i'm not goi to worry abou downhe road when e time for me toreti. just ha the government take re of it. that'sot going to work. so, yoow, we've got to keep this -- we've goto make sure that people in country havthe thoughat they can sceed. a lot of people are als that pele w come re anew
immigrts to this countrybut the thing that theknow is they ome thiuntrlike a lot of our ancestors did, they want toaksomething of themsves, theyant to make somethingf eifuture, they want to have someing for their kids, but when yoll that enepreneurial spiritthat's when the beginning of the end bomes. it's kind ofntesting, there used to ba thg years ago beforehe fall of t soviet unn, that the people prended toork andhe govnment pred to pay t ande don't want to have that apin this uny. whereeoe get to the thought that the'shis hopelessness, ere's reatoo it. e want to keure ople have e ability in thisountry to get ahead and i yielhe lady. mrs.mi the gentleman has mentioned a coue of tngs at e imanto recreatin ibrant economy and toking t shacks off of amerin buness. and tax policy is high on the li the fact that we could have an estate at is much ser terms of its impa on a
mi, d the american peopl would accept that is in fact the ca i ear itver and er i this couny. we've also heard that it would be helpfulterms of arin competitivenessor usto reduce ourorporate t, so we ar ore obally coitive. amo therovisions thaanyone can reabouis in american ad map -- amecanroadmap.og and thats thproposal to create a flat incom tax at would be rate such 10% or1% tha yowoulday on all of youinme regdless of ource, regardless of whether is tiver passive,hether it is capital or inme fro a job,hether it is rental inome, royalty income or,
gain, active income. all sources ofnce woulbe taxed at0% or 11%. so youtake all your income nnuallmes 10% or 11%, maybe you have a deduion of $2000, so you first20,000 worth of income isn't taxed. and then whar thatmounts to, u just wte a check and sendt into the i.r.s. you dot need to have.p.a.'s help you fi outour returns. and i n tell you, if we d that, wld save erican peoe t of money. we woul garner lot of tax revenueshat weren't collectcaus the efforts and machinations that people go througto try to protes mu as their income ashey n from b taxle. because, a, the's no way to oid it. whether you're rich oroor. , b, it's predice.
ou know at the person across the aisle fm you at work or at church is also pang 10% 11%, whevert is, of their paycheck. thatounds so fair to me. snds so logical. and yet thaisomethi tt is shard to change with all of thenterest groups thataffe e appearance and shape of our tax de. i do want to encourage, as weo along, everyone to go into ericaspeakingout.coand igh in on ideas th we've prosed reduce the federal debt d ficit and stimulate the cono and take the shackl off the american entrepreneu and also jt weigh inand ge your own thohts about how we might do it. i'd like to talk about one of the lls thai have spsore and it's a w to reduce the numb of deral employees
without fing anybody. and it is a bill thwould provide that. ifyou look at the rve f here to my leftyour right you'll see that federal empymenover in e year 2010, whh is the farthest bar away fr me, hasbsoluly skyrocketed and this is fer vernment emoyment, fu time uivale, excluding the postal service. it has grown leaps d bounds. n, how so the landing r the people that we hired in a way that will allow ourconomyo turn to normal so we can ben to rede all thificispending? and the answ is, for every person w reresr voluntari vaces a position, at vacateposition, that vacant position wod be mov into aosition pool.
and only half of the positions would be movedn the position pool. then the executive bnch of government, run out of th pside oice, would have toetermine whetr th positionwas essentia to that agencynd needed to be placed back in that agencynd the filled wh an employee or wheth that position should be ved to another agency that had a more iactfl mssioon our ameran economy on ernment relary needs. so iway over a 10-year periodo reduce the number of deraemployees through attrition. they leae, their position becomes vant, half of those osions gaway. that saveout $7 billion, t a all amount of money. some of theer ideas that republicans have filed go way back to the stimulus package. we sponsred a bill that would
hae stulated economic growth inac would have cated twice as many jobs at half the cost of the majority party $787 billiostulus package. how d we do it? we did iby inveing in infstructe instead of earmas and by cuttin te this is something i believe, mr. latta, that you d both supported,nd i yield bk. . la thank youery much r yielding. and, again, when you go back to the investment act, we're talking out cutting taxes here and what we can do ghings moving. agn, if you t rid of the repeal of the death tax, what ppens? oplare ing to say, ok, now i invest that money back into the business stead of going ouand saying, w am i going to try t soft the blow when the tax has finally come? u knthroh bing insurance or, you know, going
multiple ars of tax pnning on w u're going to get is g done. and i'm sure everybody this ar is ging crazy because -- with he thought thathe death tax comes screaming back at e $1 iolevel at the end of this year and you hava lot of folks with their a and b tsts alreadfunded where they' supposed to band theye going say, now what ai supped to if 's not the time, pardon the nojustheoney that pele- but it's also the time. ifou thi how muctime i investe businesses to try to re o how they have to try to cope with all these xes and regutions out ere, i think that that's one of thimportant things out there, again, in e piece ofegislation that i have, again,epeali tt death tax. we'rtalking abouwhat we can do on the smallbusinesside. ut if we'ring a 20% cut for small businees, a 20% tax cu for besses, that's going to allow seinesses to take up to a 20% reduction equal t their income.
the rgaless of paying a corporate or income psonal the are the thin we to o to try and to make sthat we get businses back, moving ithisntry again. cn't expect folks out there to sayyou knowh, i am going to work like a dog eight urs aeek, 40 houra year andave itaken - 40 hour a it taken from me i yid back. mrs. lummis: one thing that is talked abou freezing governmentalaries, reducing spending aro the board. therehave been republican proposals anything from% to 5% to0% there have been republican propsals that would take spending, as mr. ltad to earlier, bto 2008evels
or even 2006 you know, we hadnough goverenthen. th wernot a lot of complaints, b, my gos we don't he enough government. we need to spend more on government. swe couldake snding back to 2006 or 2008levels, and i don't believthamerican people, other tn those o ha bitedpecifically by being empyed by those federal agenes a federal programs, would notice the absence o that money. and in fac ty would probably befit mightily because it would smuch mo. that inst payments onhe a the defit wld be reduced, and we would notave toorrosouch ney. a couple weeks a here i washisome.streasuries re sued.
they are is every day, but are workingony through frida tre's aale of the u.. treasu bondbecaus w are going into so mh debt at we tsell treasuries every da this particular purchase was undersubscribed. at means thereasot enoh buyers for the ney that we atempted to sell and the reason is thator the sk that theuyers were takig, they wanted a higher rate oterest, they wanted a better turn when you take morri on he investment youe purchasing, y want high rate of return. as sn we haveo start paying higher interest in order to attact burs t our debt, we are enri that our cren and grandchildren e going to be saddled with higher interest paymen, once aga,
crng otherefments in our economy. the -- investments in our econom these are the kinds ofhings atolutely stifle economic growth in oucountry and encouragee business peopl as were mentioned by mr.latta, to mo their businesses elsewhere. weo know tha for example, in the gf of mexico right now with the moratorium on drilling and no d in sight wn it mighbe ftedhat there are drill rigs that are coing moving to that tmendo oil and gas findff the coast of bril one of those enormous rigs is moved off to e coast of il it will be five years before it cos ba. it's not gointo move back at a moment's notice. that takes so many tsand away from workers in louiana. so they'rdoubly punishe
theypunish because their shores arpolluted by oil from the deepwater horizon rig which exploded, stroying e g industry and retardin the tourism industry. and thenhey're adding insult to injury, til andgas emplees lose theijobsn areas whe you d drill at shallor depth or medium ptin a much mor safe and well-understood maer. his the wrong reti. you know, the presint is speaking later thisvening outh situation in the gulf, anat i w note about that is we can't legislate our way out of the damage andhe devastationo the gulf. weave cleant up and we have to make b.p. pay for it. tho are our alternatives.
clean it upmake b.p. pay for it. the president, if he had excutive experience, wld likely have cald the head of p. within 48 or 72 hours of thaoil ill and say, i want you to ve conrsation with me every single dayt a specific time. i nt you and me d the coast guard and the governorof the affected states and anne else whis able to hel us can up this mess, and they cou get on the callveryay at the samtime. e president couldave open e call and he could have said, i'm not going to stay on this call for mo tn a minute, but i'm gointo tell you the people on this ca are responsible to the peoplof this nation to make sure that that oil does not get to our shores. d i want y to do
possle. b.p. has sd they will pay for it. b.p. is on th call and a you assurg us will pay under suchirmstances i'm e they wld he sa yes. and th cld have prded day with the president's fulort for goverrs' requests, for the coast guard's rue, repealinghe effects of the jones law which inhited r ability of getting other countries to he us inheponse, all of that uld haven ndled if i would have bun early enough. but the fact at there wasn effort to ruaway and avoid thproblem and deal with it not until it w jus coletely of control is, i belie, idication of someone who had gislate skills a not ecuti ills. there is such a difference. we nnot legislate our way out
of thisiat ande should not pass a capnd tax bill as respons to a devasting acde that may be the worst ecogical dister we've ever h. becauseaxes aren't going to ch it. .p. saidy will paythe bill. o do oerwise would be able to impose taxation on th leasford it.is couny o can those of low and morate income who are tryingo make ends mt at a twhen employment -- uyment is still 9.7%, at a time when we shld be helping themind jobs, not imping a moratorium on afe drilling that tes jobsway from them. the gulf is just one example o where that's trued iid ck. mr. atree: well, ihank the -- m lattawell, i thank the lady for yieing. about what we're doi about
y here in washington. i have aill here that hasn't had y heargs. what tt bill says is theis noore colas forhose congss. if yothink you dee a pay rae then you shoinoduc a resolutionhat says that. what this bill wou dis say no colas, period. we wouldn't have o-year freeze or a two-yearreeze. thibi would say no more cola. again, goingack tohat u said othe iest onhat deb as i mentioned a ttle bit elierbout going 1980's with the 20% interest rate that people experienced, was first beginning to practi law that year. i will neveror we ha to olandontcts. let's s you wanteto buy my house. you ldn't to the bank and get a an because youout find any money. a t -me as h the owner othe home would ll you the hse, we have a ntract that you payhe
principal and inst over about a t-year period o ti and hopefully at e d of at threeears tn yo wod find a bank thatou could go out to and get a loan from. on't want o g back to 21.5%. when the federal gnmt is out there, ayou saidyou know, if they have to start raising the terest rates to ke it morprofle or for so- ther the country- cose, right now we know that 7 trlion dollars of our des owned byorgn countries. we'ronlseeing tt grow. theyll controlore of our public debt than anybody else. 's importa wgethis undecontrol cause we cnot have interest res that high into the fure. it will -- businesses will sgnat biness will n have the ability go out d borrowoney. and that's what we'reoing to bekingt.
'll be starting tface at in a very short period of time. we ne to make se th business ks go down tohat local -businessesan go down to that lolbank on the corner to draw moneynd ge moy. it hasn't been aifime ago alread too my years, but ack in auation where we'd be in where we were befo, 's -- we can't cpete. why? we're of forgetting when we look back on some of thes statisics om maybe 1 20 or 30 arago. the uned statewas prty muche top othe heat we could maksome o, du miakeslong the line buwe could correct tm prettyui because we corolled aut evething. if you look re the chine wants to b the next 1020 yea and where other global competitore, we're ot going to be there so that's wh theted states and this congress cannot from now ornto the future
because our futu, not ly f thigeneration but the erations that follows is at take. mrs. lumm: mr. tta has caed for acon f all americs and e attempting a republican cferee solicit ias and priorities frol amerans regardless of party affiliation. plase visit americaning t.m -- ameria speaking t.com. this will -- americaspeakiout.com. this gets us outsidef washingtono talk aboutpoli lutions at town hall meengs across tntry. itllo us toiscushow o ciples of fedom and smaller governnt coulde plied toheriorities o the erican pop. inime we will produce anew governi anda for america guided by is open pcess a ilt on ou consertive
principles. and wt to donstte tt cgress shouldsue diffnt picies and opete is house morsponsibl than bothemocrats and previous republan majorities. and if i hear sething all e time othe reican sid ts room it'that we don't to treat the democrats th way we used to treat themand we don't want to be treed the y that decrats have treated us. i really belie tt e 112th congress at begins in january could be a new beginning for our untry. it w onlbe so if t american people y it willbe so becse themecan pele are the ultateovernors of this countrand they govern with their votend tll have an oprtunity inomber to vote. so pase vit
americaspeakingoutom, give us ideas weant to know, ant to bud a working bipart majorityith the americ people. so we are legisting what the american peleant, nt what liberals want, not what nrvativ want. , -- amrispeakingout.cois f amicans toeigh ion i oered by others. everyone can the ideashat aron thele. ma cments on them and rr their approv or disapov. this website ings the hls css into american hes and us the best ocial media to voices tbe heard. and we woud colude by washton works and the policies that pursue, it wi require washington ln